Founders Fund, the venture capital firm started by PayPal Inc. co-founder Peter Thiel, raised $250 million to invest in companies focused on the Internet, science and engineering.
The money will finance the new Founders Fund III, the San Francisco firm's third and largest fund, according to a statement Monday. Most of the capital came from existing investors.
Thiel and co-founders Ken Howery and Luke Nosek, early investors in Palo Alto's Facebook Inc., are bucking a broader decline in venture fundraising. Venture firms raised $1.9 billion in the second quarter, a 56 percent drop from a year earlier and the lowest level since 2003, according to the National Venture Capital Association.
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Author: Ari Levy
